Section 14: Terms of Office

1[14. Terms of Office.⸺(1)The Governor, the Deputy Governors, the non-executive directors shall be appointed for a term of five years and shall be eligible for re-appointment only for one term of five years. (2) The external members of the Monetary Policy Committee shall be appointed for a term of five years and shall be eligible for one re-appointment for another term of five years. (3) No person shall hold the office of the Governor or Deputy Governor after attaining the age of sixty-five years. (4) The Governor, Deputy Governor, non-executive Director or extremal member of the monetary policy committee vacating office shall not be eligible to become a Director or member, as the case may be, until the expiry of the term of office for which he was appointed. (5) On commencement of the State Bank of Pakistan (Amendment) Act, 2021 shall not affect the tenure of the incumbent Governor, Deputy Governors, and non-executive Directors who shall remain in office until their current term expires in accordance with their current terms and conditions.]

Effective date: 1956-04-18

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